Gold is a material that has been valued through the ages by almost every society on earth because it has one thing that paper currency does not – an inherent, intrinsic worth. Currencies, such as the Canadian dollar, are subject to the effects of inflation, but gold enjoys a set, lasting value that can weather even severe global economic upsets. Because the value of a set amount of gold will increase over the long run in any particular currency, gold is seen as a great investment against inflation. While a loonie today won’t buy what it did 10 years ago, a gram of gold certainly will, if not more!

For this reason, people who have invested in gold coins, nuggets or bars in the past are choosing this time and this economy to recover the value of their gold. Similarly, people who collected many pieces of gold jewelry over the years but no longer wear them due to changing styles, wear & tear, or incomplete sets are seeing surprising returns when cashing in their jewellery. However, let’s just stick to coins and bars in this article.

1. The first step to selling gold coins, nuggets or bars is to check the spot price of gold. This is easily done online at kitco.com or any number of other gold sites. The spot price is usually quoted per ounce or per 100 grams, and sometimes in kilograms. Gold’s price can be volatile so do some research when deciding whether to sell or not.

[Most Recent Quotes from www.kitco.com]

2. If you are trying to sell bullion coins (almost 100% gold), simply multiply the spot price by the weight of your coins to find their value. Most gold coins are an exact 1-ounce weight. Other gold coins or bars may have varying value based on their gold content and collector interest, above and beyond the melt-value of the gold alone. If you suspect this may be the case and are unsure of your coin’s gold content or value, research online or in a coin catalog like The Standard Catalog of World Coins.

3. Locate a few gold coin dealers in your city using your local Canadian yellow pages (the book or online), or use the Internet to find an online gold coin dealer. You will want to canvass at least a handful to get an idea of the range and resonableness of their offers.

4. Once you have determined a fair offer with a buyer with whom you are comfortable, go ahead and sell your gold.

Selling gold coins and bars is not rocket science, but you must be informed of the value of your items (both the basic gold melt value and the collector value, if applicable), and you must put in the legwork or finger-work as the case may be) to locate a fair and reliable buyer.

One comment

  1. Informative post thanks

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